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four ways to provide wealth management in your accounting practice

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portrait of rob santos
santos
 rob santos is ceo of arrowroot family office, which he founded in 2013, and of arrowroot advisors, an investment bank focused on m&a for software-based companies. he works with affluent families providing bespoke family office services.

plus specifics on revenue potential.

by rob santos
the holistic guide to wealth management

at a california society of cpas conference our firm attended, a panelist said that before he made the transition to wealth management, he was very reluctant to register as an investment advisor. why? because he thought that registering would be too much trouble.

“eventually i made the decision to set up a separate ria firm,” he said “because as a cpa, we are regulated by the california board of accountancy. i didn’t want to also have another regulator, whether it was the state of california or the sec, in my accounting firm.”

more: profile of a modern firm: putting the vision into practice | toward a 21st-century cpa: a dynamic vision | what multiples mean to accounting firms | tsunami of m&a, pe is disrupting the accounting profession | why cpas are best positioned to become financial advisors | how wealth management has evolved | introducing you to a fulfilling return on relationships | rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
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that cpa-turned-advisor hasn’t looked back since. he told us later that he only wished he had set up his registered investment advisor many years prior. by setting up a separate firm he must be “very careful” about which hat he is wearing. “i don’t want to be a registered investment advisor in my accounting firm,” he said, “and i don’t want to be an unregistered cpa in my advisory firm.” he also told me there are very clear lines that his colleagues follow when it comes to which firm does the services for their clients. “all things considered, the obstacles weren’t all that great,” he added.
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the top ten problems the irs still needs to fix

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angry man wearing tie and glasses, punching fist through laptop screen

despite improvements, substantial issues remain.

by 卡塔尔世界杯常规比赛时间 research

erin m. collins, america’s national taxpayer advocate, has been unusually complimentary in her annual report on the irs, but that doesn’t mean she hasn’t identified 10 problems that should be – and could be – fixed.

more: tax pros gear up for a better busy season | irs processing up; payouts down | help tax clients help you | art werner: beneficial ownership and control | quick tax tip | four challenges of managing new tax preparers | irs funding pays eye-popping 415x roi | tax season 2025 begins. ready or not. | every tax reviewer should be able to answer these ten questions | art werner: corporate transparency act and fincen reporting | taxpayer advocate sees big improvements at irs | major changes to circular 230: implications for tax professionals | cornerstone report
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all of these problems impact the tax preparation business. the impact is often indirect, hitting taxpayers who have a tendency to ask their tax preparers to do something about their particular problem.
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diversity and technology take center stage in accounting debate | accounting influencers

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firms must embrace ai, digital tools, and diversity to remain competitive.

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accounting influencers
with rob brown

in the latest episode of accounting influencers, an international panel of distinguished accounting professionals gathered to discuss the profession’s challenges, opportunities, and future. featuring dr. anton lewis, kelly mann, sabby gill, and eriona bajrakurtaj and hosted by rob brown, the conversation delves into the pressing issues shaping the accounting landscape and the innovative solutions driving transformation.

the panelists from diverse professional backgrounds shared insights into the industry’s evolution. dr. anton lewis, associate professor of accounting at governor state university, highlights the acute shortage of accounting professionals, particularly in the u.s., and its implications on talent development and diversity. he emphasizes the need for greater collaboration between academia and the profession to better equip students for the modern workplace.

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thirteen questions to evaluate prospects for client accounting services

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stack of cards labeled with question marks

and why you should show your highest priced package first.

by hitendra patil
client accounting services: the definitive success guide

will your existing clients or prospects buy higher-priced and more services from you? if you ask them to, will they feel put off? if you do not ask, will you leave real money on the table? if you do not tell them about more services your firm is capable of providing, will they switch to another accounting firm simply because they were not aware of your other services?

more by hitendra patil
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pitching relevant services to clients and prospects is nearly a fine art. it is fraught with the risk of coming across as is you have only your own interest in mind. at the same time, clients and prospects may not even know that you offer such services or that they need those services. you can lose such opportunities even before you explore those with your clients/prospects.
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